IRM Solutions has been at the forefront of recruitment into the Islamic Banking sector for over a decade. In that time, we have witnessed immense growth and have recruited for Islamic Finance institutions here in the UK, and globally in countries such as Malaysia, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates and a number of African countries. Industry research shows there is a great demand for job opportunities in the Islamic finance space, yet it is widely recognised that there a significant shortage of skilled professionals working in this sector.
The Islamic Banking industry has outperformed growth figures of conventional banking services by double-digit rates over the past decade. As of 2014, total assets held in Islamic Finance globally, were estimated to be $1.3 trillion in 2014, with the sectors cumulative average growth rate (CAGR) projected at 17.6% over the last four years, compared to 7.1% for the conventional banking system.
Looking ahead to the next decade and beyond, the growth of the Muslim population will be double the rate of non-Muslims in the period to 2025. The world Muslim population is forecast to expand by a third (600 million people) by 2030.
With growth figures of such magnitude, it is widely accepted the Islamic Banking sector will be a focus for many of the worlds banking institutions. A key market for rapid growth will be the Islamic Banks based in the GCC countries, which comprise of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Growing populations and GDP figures, with high proportions of Muslims, are creating a market with huge potential.